Egypt is reportedly getting a new USD 153 mn grain storage complex

A boost for Egypt’s grain storage: Egypt’s Suez Canal Economic Zone (SCZone) and the Egyptian Holding Company for Silos and Storage are reportedly developing a grain complex for the handling, processing, and storage of grains, with initial investments of USD 153 mn earmarked for the first and second phases, Al Mal reports, citing sources it says have knowledge of the matter. Construction is slated for completion within two and a half years once a local or strategic foreign investor is secured.

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The breakdown: The first phase will cost USD 75 mn, while the second will come at a price tag of USD 78 mn, according to the Egyptian Holding Company’s preliminary plan.

The facility will store up to 6 mn tons of grain annually: The SCZone allocated 1 mn square meters for the new grain complex, with 385k sqm in a port area, which will house 20 silos capable of storing 4 to 6 mn tons of grain annually. A 650k sqm logistics zone will also process 648k tons of wheat flour and 252k tons of bran annually.

Tapping into Egypt’s export potential: The new complex will primarily target East Africa and the Gulf — 55 mn tons of grain pass through the Suez Canal annually.